Business Growth Ideas for CT Manufacturers – Part 1: Products
December 14, 2017
In this blog post, we look at ways that you can evaluate your company products, determine their current value, and explore opportunities to improve or expand what you offer to existing and potential customers.
When was the last time you reviewed your product offering? Has it been a while since you’ve benchmarked them against other solutions available to your customers? And when I say other solutions I mean not just direct competitor products, I mean any of the ways in which customers can solve the issue they are facing.
If you are one of the many Connecticut manufacturers who took a “product superiority” approach with premium pricing years ago, has that position eroded in the global market and left you as a high cost average product in the eyes of the market place?
Is it possible you are over engineering your product for what the market values today? Has it been a while since you’ve taken a look at Design for Manufacture and Assembly (DFMA), a proven design methodology used to optimize part costs and quality, while reducing time-to-market development? Do opportunities exist there that could help you contain costs and improve throughput? Do you have to use the materials you’ve been using or are there options that can perform just as well yet allow for savings?
You’ve got a number of possibilities to consider for a fresh look at the products you offer to customers. The manufacturing world is changing and companies are discovering they must change along with it to be competitive in the global economy.
If you’re interested in learning how CONNSTEP can help you grow your business, simply complete the Contact Us form next to this blog and we’ll respond promptly.
In our next blog post, Part 2: Markets of our Business Growth series, we look at ways that you can evaluate the markets you serve, determine their future outlook, and explore opportunities to leverage the capabilities of your business to potentially expand to other markets and customers.
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